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Tag Archives: Socialism

Economics and Bourgeois Propaganda

It has often been claimed that economics has a bias towards capitalism, or as some socialists call it and what I personally prefer, “economics is bourgeois propaganda”. This means that it has an inherent tendency towards promoting the interests of the capitalist class. The first argument is that economics is by definition pro-capitalist since it explores how a market society works. This argument is false on two grounds. One, economists study all kinds of societies,...

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Ford and GM: Bearers of Socialist Culture?

When you think about it, this is a remarkable news item: Ford and GM have threatened sanctions on their dealers who, because the manufacturers themselves produce fewer cars, charge more to customers than the manufacturer’s suggested retail price (MSRP or “sticker price”). GM called them “bad actors.” Other car manufacturers have warned their dealers. (See “Ford and GM Warn Dealers to Stop Charging So Much for New Cars” Wall Street Journal, February 9, 2022.) Except...

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NGDP targeting and libertarianism

Since 2009, I’ve spoken to many libertarian audiences. One point that I keep coming back to is that NGDP targeting minimizes severe recessions, and severe recessions lead to non-libertarian policies. A new study by Paola Giuliano and Antonio Spilimbergo in The Review of Economic Studies confirms the second part of that claim.  Here’s the abstract: Does the historical macroeconomic environment affect preferences for redistribution? We find that individuals who...

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Peter Schiff vs. A Marxist Professor: Is Socialism the Problem or the Solution?

Peter Schiff debated Marxist professor Richard Wolff on RT Boom Bust. Wolff just can’t grasp that socialism isn’t the solution to America’s problems. Socialism is America’s problem.Wolff does a fair job of diagnosing the economic problems. He said the current bout of inflation is proof that the US economic system “really isn’t working very well.” He also acknowledged that inflation has been coming down the pike for a long time thanks to the amount of money printed relative to the number...

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The Pilgrims Did Socialism and Died Trying

When I was a kid, we used to say some things only “sound good on paper.” In other words, they seem like good plans, but there is no way they’re going to work in the real world.That’s socialism in a nutshell.The Pilgrims found this out the hard way during their first couple of years in North America.Socialism really does sound good on paper though, right? We’re all going to own everything together and take care of each other. “From each according to his ability, to each according to his...

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Central Banking Is Rooted in Socialism

As Ron Paul pointed out, the recent brouhaha at the Federal Reserve when information came out revealing several central bank officials making multiple multimillion-dollar stock trades in 2020 even as the Fed was putting its big fat thumb on the economic scales was a minor thing compared to the bigger scandal – the everyday operation of the Fed.The Fed engages in price-fixing. And it fixes one of the most important prices in the economy – the price of money. Peter Schiff said this always...

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The Continuum Between Liberalism and Anarchism

In a private comment on my Regulation review of Acemoglu and Robinson’s The Narrow Corridor, George Mason University professor Daniel Klein challenges the continuity I see between (classical) liberalism and anarchism. The contentious point was summarized in the last paragraph of my review: An improved and more useful study of the narrow corridor would, in my opinion, switch the normative positions of anarchy and the state. Instead of looking at how the state can...

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Western socialism and Eastern capitalism

Goldmoney Insights – July 30, 2021 There has been a significant shift in geopolitics in recent months, with the US consciously deciding to withdraw from Asian conflicts, notably in Afghanistan. But the diplomatic war against Iran also appears to have been downgraded and the US presence in Iraq is to be wound down. Furthermore, President Biden has downplayed his objections to the Nord Stream 2 pipeline between Russia and Germany. In this, the greatest of Great Games, America has seen the...

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Cuba and Venezuela Offer Cautionary Tales of Socialism

For the past decade, citizens of Latin American countries have grown bolder in protesting their governments’ failed socialist policies. We’ve seen unrest in, among other states, Venezuela, Chile and Colombia, but until last week, we hadn’t heard a peep from Cuba, which has been under communist rule since Fidel Castro’s revolution in 1959. It’s hard to exaggerate the significance of Cubans taking to the streets to air their grievances against the government. Protests of this scale are...

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Afterimage: An Impressive Movie

I didn’t know the movie “Afterimage” (available, at least in Italy, on Amazon Prime). It is a powerful work by Polish director, Andrzej Wajda. The movie is set in Łódź, Poland, where the painter Władysław Strzemiński lived. You can find his biography here. The movie is about one crucial line in that brief biographical presentation: “in 1950 Strzeminski was stripped of his position at the SHSVA by decision of the Ministry of Culture and Art for failing to respect...

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